Marketline Report for Wednesday, July 3rd
This is Bob Larson with the Market Line Report for Wednesday, July 3rd. The corn market steadies itself after Friday's shocking USDA production numbers. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Boy oh boy, it was a shocker. You don't see a report that shocking very often. We got much more planted acres than we thought we were going to get, which sent corn limit down or spiraling lower. That's a tough one because it was nowhere near what the market was expecting and when you get a shocker like that, it takes a little bit for the market to kind of correct and digest, but that's something we're going to have to watch going forward. And, in saying that, across our desks the last day, day-and-a-half, we've started to see some people watching those numbers, dip their toes back in, and start maybe picking up some calls or maybe picking up some futures, but they're definitely getting more interested and seeing that maybe this might be the first level that you can safely get back in after seeing that big flush that we had since we got that shocker of a number, more planted acres than we thought we were going to get on Friday."
Chicago July Wheat prices closed yesterday dn 10 ½ at 503 ¼
July Corn was up 1 ½ at 414
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 11 ½ ranging from 5-47 ½ to 5-62 ½ DNS wheat with 14 % protein, prices for July were dn 8 ¼ ranging from 6-11 ¼ to 6-16 ¼
Live Cattle for Aug were up $.12 ½ at 104.17 ½ Aug Feeder cattle are up $1.35 to 138.70 July Class III milk was dn .08 cents at 17.39
